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The Bus Section of the FirstGroup Pension Scheme

Looking back

In February 2024, some members received a letter titled News about your Scheme pension where we outlined the proposed changes to your pension due to a review that is required by law.

The review relates to adjusting pension benefits for the effect of unequal Guaranteed Minimum Pension (GMP). As part of addressing this, we proposed to simplify pensions by converting all GMPs into a different form of pension. You can refer to the Q&As for details of GMP, why your pension needs to change and our proposal.

If you were impacted then we consulted with you on our proposal to simplify pensions, giving you the opportunity to ask questions and provide any feedback. The consultation period ended on 8 March 2024, and having considered the feedback we received, we are going ahead with our proposed change.

In this letter we also told you that some members will be given a one-off choice over how your pension changes, offering an alternative option – Pension B.

  • If you received a letter in September 2024 titled Pension changes: Confirming the impact on your pension then you are NOT eligible to choose between Pension A or Pension B.
  • If you received a letter in September 2024 titled Your Pension option pack then please select Pensioners eligible for pension B from the drop down list under GMP Pension Changes.
  • If you do not receive a pension from the Scheme then please select Non-pensioners from the drop down list under GMP Pension Changes.
  • Not all members of the scheme are receiving a communication about pension changes in 2024.

What you need to do…

  • Read your summary statement, this will confirm how your pension is affected.
  • You will be paid this new pension from 1 March 2025.
  • You do not need to do anything else.
  • If you have any queries, contact Aptia (formerly Mercer), the Scheme administrator on 0370 850 0712 or email: FirstPensions.UK.GMPe@Mercer.com

The impact on your pension

You recently received a personalised pension statement confirming how your pension will change and whether you are due any one-off back-payment.

Remember – compared to your current Scheme pension, the amount and expected overall value of your pension will not go down.

Refer to these Q&As for a definition of GMP, background to why your pension needs to change and how we are doing this.

See Questions and Answers
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Built on behalf of the The First Bus Retirement Savings Plan by Willis Towers Watson. The information
  • is a summary of the applicable law and the Scheme’s trust deed and rules as at May 2021
  • is not a definitive statement of the applicable law or the Scheme’s trust deed and rules and is not legally binding
  • does not constitute financial advice or create any entitlements for members (or anyone else) in relation to the Scheme
In the event of any discrepancy between the information on this website and the applicable law and / or the Scheme’s trust deed and rules, the applicable law and / or the trust deed and rules will prevail.
You should not rely on the information on this website alone and you should consider seeking independent advice before making any decisions in relation to your pension savings (but noting that the Scheme, the Trustee and WTW are not responsible for any advice you receive or any decisions you make or actions you take as a consequence of receiving advice). The applicable law is likely to change over time, and so you should also keep an eye out for any developments which may affect you as you approach retirement. By continuing to use this website you’re accepting its purpose and any limitations.
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© 2024 The Scheme is governed according to the provisions of its formal Rules as well as applicable law. Material on this Portal provides commentary on pension developments for general information and in relation to your pension in the Scheme Material on this Portal also summarises the Rules and some applicable law. However, this Portal is not intended to replicate the Rules and to the extent that any material on the Portal contradicts the Rules, the provisions of the Rules will always take precedence. The material on this Portal is based on the Trustee’s understanding of tax and other legislation in force as of June 2024.